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Kraken plans to acquire Coin Meester B.V. (BCM), a crypto broker in the Netherlands. The primary goal is to expand Kraken’s business in Europe. BCM, established in 2017, is one of the Netherlands’ oldest and licensed crypto broker s. It offers various services, including buying, selling, and staking coins. With this acquisition, Kraken will be able to enter the crypto market in the Netherlands, which is a crucial step toward its expansion in Europe. You might also like: Kraken to launch stock and ETFs trading platform in 2024 Kraken CEO David Ripley said: “The Netherlands has one of the world’s most advanced economies, with a well established culture of innovation and a high level of crypto adoption. This makes it a key market for us in our European expansion plans,” “The acquisition of BCM will give Kraken a sizable position in the Dutch market and will allow BCM’s clients to benefit from an even more robust product offering.” Krakens’ decision to ...

The US Department of the Treasury and the Internal Revenue Service (IRS) have proposed new guidelines detailing the reporting duties of crypto brokers . The US Small Business Administration’s Office of Advocacy announced that the proposal concerning crypto currency regulations for brokers was unveiled on Aug. 29. Starting Jan. 1, 2025, digital asset brokers – encompassing trading platforms, payment processors, and specific hosted wallet providers – will be mandated to report the gross proceeds from all sales or exchanges of digital assets. The document refers to these entities as “digital asset middlemen” and stipulates that they will also be responsible for reporting the gains and losses realized during cryptocurrency transactions. This particular provision is slated to become effective from Jan. 1, 2026. The Federal Register, which circulated a document related to this proposal, anticipates that these regulations will foster “higher levels o...